The sale, expected to reap the company more than $160 million, is part of the Fort Worth, TX-based real estate firm's short-term plan to sell off non-core assets, according to company officials. "The buyer is a Washington-based firm with Washington-based capital, and they're in due diligence now. We think it's a plus it's a Washington-based firm," says Crescent COO and president Denny Alberts. The sale is expected to close in late June or early July.

Washington Harbour, located at 3050 K St. NW, totals 537,210 sf and offers sweeping views of the Potomac River and national monuments. It includes a 500-space underground parking gargage. In addition to offering 536,000 sf of class-A office space, it also includes a landscaped promenade with 73,000 sf of retail shops and 35 luxury condominiums that are individually owned and not included in the overall sale.

Crescent Real Estate Equities purchased the property from a Japanese firm in 1998 for a reported $161 million. The sale is part a strategic plan Crescent initiated two years ago to focus on its core strengths, according to CEO John Goff.